Deathwatch: Is it almost over for Argos?
They’ve said that the majority of the drop has come in electronics, with fewer gizmos and gadgets being sold, possibly as people begin to feel the pinch more than ever and cut down on the purchase of ‘luxuries’. Home Retail’s Homebase are also suffering, with 3.1 percent drop in like-for-like- sales in the same period.
Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers, said overall, the outlook for Home Retail remains "extremely difficult". He said: "Pressure on the group's low-income customer base shows no sign of abating, while moves over recent years by the supermarkets into the electrical arena have arguably increased over-capacity."
We’re sure that there’s plenty of life left in the likes of Argos and Homebase, but there’s no doubt that they’re in a slump. Can you imagine life without them? We’re scared – hold us!
Oh, and if you’re on the board of directors at Morrisons, you probably won’t give a toss about any of this because you’ll be celebrating a 2.2% rise in like-for-like sales, pre-tax profits of £449m and 11.5 million customers hurling themselves into your stores every week.